StockMarketWire.com - Logistics company Eddie Stobart Logistics reported wider losses as a sharp write down of assets across its general transport and iForce divisions weighed on performance.

For the 12 months ended 30 November 2019, pre-tax losses widened to £238.9m from £22.3m on-year and revenue grew by 9.7% to £857.1m.

The company reported a total impairment of £169.2m, with the bulk of the write down, about £150.0m, seen in its general transport and the remainder in its iForce division.

The company did not pay an interim dividend for the year, and said it would not recommend a final dividend.

'The team continues to closely monitor the impact of coronavirus (COVID-19) on trading. While there have been some volume reductions in parts of the business, the Eddie Stobart Group has benefited from its traditional strong exposure to fast-moving consumer and grocery goods, as well as its e-commerce related activities and volumes in these areas remain strong,' the company said.

At 8:24am: [LON:ESL] Eddie Stobart Logistics PLC share price was -0.25p at 6.65p



Story provided by StockMarketWire.com